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Property damage from California wildfires could reach upwards of $135 bln

Some homeowners took a terrible loss due to the fires, Viktor Sadygov said

MOSCOW, January 10. /TASS/. Property damage caused by the wildfires in Los Angeles may top $135 bln, Nika Estate international realty agency told TASS.

"California is home to some of the most expensive real estate in the United States, as it is a prime resort destination. According to official data, the damage from the fires stands at at least $135 bln (not only residential properties but malls, infrastructural and social facilities also)," said Viktor Sadygov, Nika Estate owner and AREA member.

Some homeowners took a terrible loss due to the fires, Sadygov said. One such case involves an American who bought a house for $8.65 mln last December, but since his insurance didn’t cover fires, the home will be a total loss.

"Keep in mind - fires are not uncommon in California, the majority of houses are made of wood - this serves as a reminder about safeguarding your property in the future," he added.

According to the latest data, wildfires have destroyed more than ten thousand structures in Los Angeles County. The fire department said that five fires are burning in the county, with more than 34,000 acres of land torched.

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